Pre-open comment Thursday 1st December
ES gapped higher to open on Wednesday and Aggressive Buying (green-at-top) was marked on later in the day. %Stocks>50dyma numbers are now above 50 which is supportive.
The 50day poc comes in at 1244 and as I write pre-open ES prints at that level. Time printed above 1244 suggests higher in the ST but we have a big gap. Price location is stronger in the longer timeframe for the four major index ETFs with regard to the levels published at the start of the week.
First Level S/R = ES 1244 (50dy poc) SPY = 124.10
First Level Support = ES 1214.50 (1/2R off May high) SPY =122.30
Second Level Support = ES 1196 (poc) SPY 119.45 (poc)
Sentiment: My version of the Rydex Assets Ratio was up to 1.94 (from 1.69).
Supporting Charts (+ or – or ? for equities). (Momentum = PriceOsc)
? EURUSD: Still in a weak position below the 1.3635 poc but Momentum has turned up.
? Dollar Index: Still in a strong position above the 77.05 poc but Momentum has turned down.
? TLT: Pre-open prints at the 116.34 poc. Momentum has turned down.
Bias for equities is unclear imo.
